The first Chinese initial public offering in the US for 2013 gained on its first day of trading, signaling a possible end to the drought of Chinese listings in New York, Bloomberg reported. American depositary receipts (ADRs) in LightInTheBox (LITB.NYSE), an e-commerce company that mostly sells Chinese products abroad, surged 22% on Thursday from its listing price of US$9.50. LightInTheBox is the first Chinese company to list since social media network YY (YY.NASDAQ) in November. LightInTheBox will use the IPO proceeds to invest in technology infrastructure, widen its product range, as well as for marketing and to make bond payments.
Categories